Verizon to Buy Company That Enabled Your First Cybering Experiences for $4.4 Billion

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The AOL logo is posted on a sign in front of the AOL Inc. offices on February 7, 2011 in Palo Alto, California.
Photo: Justin Sullivan/Getty Images

Verizon has agreed to purchase AOL for a whopping $4.4 billion in an effort to expand its own video and content offerings. Also, because there’s something sweetly nostalgic about those 500 free hours of dial-up CD-roms.

The all-cash deal will be finalized this summer and will make AOL a wholly owned subsidiary of Verizon. News of the acquisition sent AOL’s stock soaring 17 percent this morning, while Verizon’s dipped slightly.

AOL, of course, isn’t just a limping dial-up internet business. It also owns a host of news sites, including the Huffington Post, Engadget, TechCrunch, and Moviefone. Drinks on Arianna tonight, everybody.